NY Times calls Philippines ‘economic bright spot in Asia’

The New York Times in a post on Monday said the Philippines is poised to be an ‘economic bright spot in Asia’, citing a young, growing population and improvements in governance and efficiencies as forces driving growth amid a backdrop of tentativeness in the rest of the world.

In an article titled, “A Youthful Populace Helps Make the Philippines an Economic Bright Spot in Asia”, the Times’ Floyd Whaley writes: “A high population growth rate, long considered a hindrance to prosperity, is now often seen as a driving force for economic growth. About 61 percent of the population in the Philippines is of working age, between 15 and 64. That figure is expected to continue increasing, which is not the case for many of its Asian neighbors, whose populations are aging.”

The article also notes how the economy is being buoyed by a string of confidence votes from international ratings agencies, investors, and financial institutions. Whaley cited Standard & Poor’s putting the Philippines just a notch below investment grade, and quoted HSBC economist Frederic Neumann who said, “We have made a very bold forecast for the Philippines, but I think justifiably so.”

Amidst a raging discussion in the Philippines over a contentious Reproductive Health Bill, and debates over the relationship between population, poverty, and development, the article tackles the country’s population growth as a positive for the economic potentials of the Philippines.

A young and growing population is what will continue to feed manufacturing and a burgeoning service sector anchored on BPOs, the article says, even as it also acknowledged continuing weaknesses in the country’s infrastructure and its programs to curb corruption and improve efficiency. –InterAksyon.com